Oben Electric, the Bengaluru-based electric motorcycle maker, has raised ₹85 crore (about $10 million) in a pre-Series B round from Indian-American family offices, including Raj K Soin, Musa Dakri and Ramesh Bhutada, along with existing investors. The fresh capital takes its total funding to about ₹285 crore (around $34 million) and will be used to expand its retail footprint and roll out a new mass-market product platform.
What Oben Electric Does
Founded in 2020 by Dinkar and Madhumita Agrawal, Oben Electric designs, develops and manufactures electric motorcycles, with a focus on doing most of the core engineering in-house. The company’s current flagship is the Oben Rorr, a commuter-focused electric motorcycle pitched as a 150cc equivalent, featuring an IDC range of up to 175 km, 0–40 km/h in 3.3 seconds, a top speed of 95 km/h and fast charging from 0–80% in about two hours. Oben operates a vertically integrated 3.5-acre manufacturing facility in Bengaluru, where it builds LFP battery packs, motors, chargers, vehicle control units and other electronics, claiming nearly 99% localisation on key components.
Latest Funding and Expansion Plans
The latest ₹85 crore pre-Series B of Oben Electric follows a ₹100 crore Series A round closed in 2025, split into ₹50 crore raised in January and another ₹50 crore in an extended round in May–June, backed by Ambis Holding US, Kuberan Ventures, Karimjee Group, Mission Vertical and several Indian family offices. With this new round, Oben plans to scale from more than 85 exclusive showrooms and service centres across 70 cities in 18 states to 150 outlets by March 2026, and a longer-term goal of 500 stores over the next two years. The company is also in active discussions for a larger Series B, targeting further capacity expansion and new product launches.
Financials and Profitability Targets
Oben Electric is still in the scale-up phase but has laid out clear financial milestones. The company is targeting around ₹100 crore in revenue in FY26, driven by deeper distribution and a broader portfolio. It expects to hit cost-of-goods-sold (COGS) break-even by March 2026 and reach EBITDA break-even by 2027 as volumes ramp up and fixed costs get absorbed. Earlier company updates indicate that Oben has already crossed a funded milestone of about ₹200 crore by mid-2025 and has been using that capital to rapidly open outlets, particularly in high-EV-adoption states like Karnataka, Maharashtra, Gujarat and Telangana.
O100 Platform and Product Roadmap
Beyond the existing Rorr, Oben is developing the O100 platform, aimed at building 100cc-equivalent electric commuter motorcycles priced under ₹1 lakh to attack India’s largest two-wheeler segment. The O100 platform has been conceptualised and engineered at Oben’s R&D centre in Bengaluru, with a modular architecture that supports multiple variants, battery options and feature configurations. The company plans to start sales of O100-based models next year, seeing this as its entry into the mass commuter market that accounts for roughly 30% of India’s two-wheeler volumes.
Main Competitors in the EV Two-Wheeler Space
Oben Electric operates in a crowded EV two-wheeler space where it primarily competes with:
- Ola Electric: Strong in scooters like the S1 series, now moving into motorcycles, with national brand visibility and aggressive pricing.
- Revolt Motors: Focused on electric motorcycles, particularly the RV series, with a presence in multiple Indian cities.
- Ather Energy, TVS (iQube), Bajaj (Chetak) and Hero VIDA: Dominant in the premium and mid-range scooter segment, drawing overlapping customers in urban markets.
Oben’s differentiation lies in focusing purely on motorcycles, high localisation, and engineering its own LFP battery packs and powertrain components to optimise for Indian conditions and lower long-term costs.
Overall Positioning
With total funding now around ₹285 crore and a clear roadmap towards 500 stores, ₹100 crore in near-term revenue and profitability targets over the next two years, Oben Electric is positioning itself as a homegrown, vertically integrated challenger in India’s electric motorcycle market. The upcoming O100 platform will be crucial, as success in the 100cc-equivalent commuter space could give the startup serious scale against both legacy ICE players shifting to EVs and newer electric-only rivals.
